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The Federal Treasurer, Josh Frydenberg has sent a clear signal to the financial services regulators that he supports the view that they don’t need more powers and should better enforce the powers they already have.
The Productivity Commission has been accused of choosing a political decision on superannuation rather than member best interest.
Many of the problems identified by the Royal Commission stemmed from a revenue at all costs approach which sublimated the needs of the client, according to an assessment of academic, Dr Shantha Yahanpath.
Superannuation funds have been placed on notice about the dangers of their telephone consultants drifting into their area of specific personal advice, with a fund ordered to compensate a member for the $16,275 excess contribution tax she had to pay.
The Financial Planning Association has sought formal Financial Adviser Standards and Ethics Authority recognition of the Certified Financial Planner designation to lock in the two units of credit for CFP-holders.
